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It is important to understand that bankruptcy shouldn’t be viewed lightly. It is typically the last option after trying other options to reduce debt. Bankruptcy can ruin credit, restrict access to loans, and lead to the loss or valuable items. It also impacts future financial goals like purchasing automobiles or a house, obtaining employment and getting insurance. Financial advisors recommend looking into alternative debt relief options before considering bankruptcy.

Chapter 7 bankruptcy involves liquidating assets to pay creditors. The good thing is that a majority of people are able to keep essential possessions such as their home and high-value vehicles. Additionally, any court action taken for unpaid bills will likely be stopped if a person becomes bankrupt.

Most people who have a regular income can make an application for Chapter 13 which allows them to come up with an arrangement that will pay off their debts over a period of three to five years. It’s good to know that creditors can’t take over your home, take possession of your property, or garnish your wages during this period.

With a robust and customizable bankruptcy processing tool like Best Case by Stretto, loan servicers can automate bankruptcy notification, monitor changes to account data and enhance communication with attorneys. This powerful tool searches nationwide bankruptcy databases to automatically discover changes and notify clients. It helps to reduce risk and reduce unnecessary operating costs.